PALO ALTO, Calif. — Gantry has arranged a $45 million loan to refinance debt on Palo Alto Commons and Avant, a senior living campus in the San Jose suburb of Palo Alto.
Palo Alto Commons, constructed in 1990, is an assisted living facility featuring 142 units. It is a three-story, wood-frame structure that provides traditional assisted living services as well as higher acuity memory care services.
The Avant was constructed in 2012. It is a 45-unit independent living facility that complements the operations of Palo Alto Commons.
Gantry’s Jeff Wilcox and Charlie Kokernak represented the borrower. The seven-year loan was arranged through Freddie Mac via Gantry’s correspondent relationship with Walker & Dunlop.
Gantry’s Wilcox noted that this was a refinance of a construction loan executed in 2012 with HUD.